February 28, 2015 7:48 PM ET

Energy Equipment and Services

Company Overview of AKOFS Offshore AS

Company Overview

AKOFS Offshore AS provides vessel-based subsea well construction and intervention services to the oil and gas industry. It offers riser based well intervention services that include slickline and electric line well intervention, coiled tubing well intervention, well testing and well clean-up, and well stimulation and pumping; and riserless well intervention services that include well logging, light perforating and zone isolation, and plug setting and removal. The company also provides subsea intervention and construction services; light drilling services that include through tubing drilling with coil and downhole motor, and through tubing rotary drilling with slim pipe and system for managed...

Karenslyst Allé 57

Oslo,  0277

Norway

Founded in 2006

Phone:

47 23 08 44 00

Key Executives for AKOFS Offshore AS

Chief Executive Officer and President
Age: 51
Chief Financial Officer
Senior Vice President of Operations
Age: 58
Regional President of North America
Head of Umbilicals
Compensation as of Fiscal Year 2014.

AKOFS Offshore AS Key Developments

AKOFS Offshore Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014

AKOFS Offshore reported unaudited earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported operating revenue and other income of NOK 256 million compared to NOK 428 million a year ago. EBITDA was NOK 51 million compared to NOK 83 million a year ago. LBIT was NOK 21 million compared to EBIT of NOK 2 million a year ago. For the full year, the company reported operating revenue and other income of NOK 1,542 million compared to NOK 906 million a year ago. EBITDA was NOK 175 million compared to NOK 7 million a year ago. LBIT was NOK 1,117 million compared to NOK 640 million a year ago. CAPEX and R&D capitalization was NOK 46 million.

Aker Oilfield Services Wins $465 Million Contract from Petrobras

A subsidiary of Aker Solutions won a $465 million contract for work off the coast of Brazil. Subsidiary Aker Oilfield Services secured the five-year contract from Brazilian energy company Petrobras. The Norwegian company said a support vessel in a shipyard in Norway will be converted for deep water operations under the terms of the contract. The vessel will be used to help install and retrieve equipment used to recover oil from fields off the Brazilian coast. The contract begins in the fourth quarter of 2016.

Aker Oilfield Services Receives Contract

Aker Oilfield Services has been awarded a contract over five years by Petrobras to provide subsea intervention services offshore Brazil with the vessel "Aker Wayfarer". The vessel will be modified in order to become a deepwater subsea equipment support vessel, which will allow it to install and retrieve subsea trees and modules, including subsea structures and manifolds.

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